Interesting Facts about Money

We usually use money as payment for goods and services but we hardly know some interesting facts about it like what the first paper money is or what the largest banknote is. Now, let's take a look at following basic information that you may have already missed.

The First Paper Money

You’ve already known that each country has its own system of paper money and coins but the history of money is one thing that you many not know clearly. Paper bills were first used in China during the Tang Dynasty (A.D. 618 - 907). Chinese used it for more than 500 years before the practice became widespread in Europe in the 17th century and then all over the world. However, at that time, China had to deal with a financial crisis that caused paper money to be eliminated entirely in 1455. The country didn’t adopt it again for several hundred years.

The first paper money was produced in China

The Largest Banknote

The 100,000-peso note created by the Philippines Government has become the world\'s largest single banknote. Because the note was designed to celebrate a century of independence from Spanish rule, it belonged to only collectors who must pay 180,000 pesos (about $3,700) for each.

The Philippines Government issued this bank note in 1998

One in a Million

The £1,000,000 note, issued by the Bank of England in 1948, was used as a temporary measure during the postwar reconstruction in the Marshall Plan. Unfortunately, the notes were cancelled after just a few months and a few escaped into private hands.

In 2008, one of two known surviving notes priced almost $120,000 at auction

It\'s All About the Elizabeths

Queen Elizabeth II\'s portrait has been used in many currencies of 33 different countries from Australia to Trinidad and Tobago. In 1935, Canada became the first nation to print the British monarch\'s image on its $20 notes. Then, U.K. and its current and former colonies, dominions as well as territories continued applying 26 different portraits of Elizabeth for thier money.

The Queen is frequently shown in formal crown-and-scepter attire

Inflation Nation\'s money

The Zimbabwe\'s newly formed unity government including President Robert Mugabe and Prime Minister Morgan Tsvangira must issue a $100 trillion note in early January, the highest denomination in the world, to face with hyperinflation that reached the ludicrous level of 231 million %.

The hyperinflation in this country was so serious that a loaf of bread must be bought with 300 billion Zimbabwean dollars